Consolidated Profit & Loss account ------------------- in Rs. Cr.

-------------------
Mar 21 Mar-20 Mar-19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 18,989 16,695 15,971 14,751 14,281
Less: Excise/Sevice Tax/Other Levies - - - 64 236
Revenue From Operations [Net] 18,989 16,695 15,971 14,687 14,045
Other Operating Revenues 171 437 391 468 349
Total Operating Revenues 19,160 17,132 16,362 15,156 14,394
Other Income 266 344 477 358 229
Total Revenue 19,426 17,476 16,839 15,513 14,623
EXPENSES
Cost Of Materials Consumed 4,886 4,377 4,285 4,497 4,273
Purchase Of Stock-In Trade 2,658 1,859 1,452 1,174 934
Operating And Direct Expenses - - - 473 446
Changes In Inventories Of FG,WIP And Stock-In Trade -193 -245 47 -233 111
Employee Benefit Expenses 3,252 3,027 2,857 2,690 2,634
Finance Costs / Interest Expense 161 197 168 114 159
Depreciation And Amortisation Expenses 1,068 1,175 1,326 1,323 1,323
Other Expenses 4,303 4,908 4,624 3,728 3,521
Total Expenses 16,136 15,298 14,760 13,766 13,401
Profit/Loss Before Exceptional, ExtraOrdinary Items And
3,290 2,178 2,079 1,747 1,222
Tax
Exceptional Items - - - -78 -
Profit/Loss Before Tax 3,290 2,178 2,079 1,669 1,222
Tax Expenses-Continued Operations
Current Tax 889 683 748 561 479
Deferred Tax - -52 -178 -311 -300
Total Tax Expenses 889 631 570 250 180
Profit/Loss After Tax And Before ExtraOrdinary Items 2,401 1,547 1,510 1,419 1,042
Profit/Loss From Continuing Operations 2,401 1,547 1,510 1,419 1,042
Profit/Loss For The Period 2,401 1,547 1,510 1,419 1,042
Minority Interest 16 47 35 -6 -29
Share Of Profit/Loss Of Associates -13 -47 -17 -3 -7
Consolidated Profit/Loss After MI And Associates 2,405 1,547 1,528 1,411 1,006

EBITDA 4,518 3,550 3,574 3,184 2,704

EBIT 3,451 2,376 2,248 1,861 1,382
PBT 3,290 2,178 2,079 1,747 1,222
PAT (BMI) 2,401 1,547 1,510 1,419 1,042
PAT (AMI) 2,405 1,547 1,528 1,411 1,006

Revenue Growth 11.8% 4.7% 8.0% 5.3%

EBITDA Growth 27.3% -0.7% 12.2% 17.7%
PAT Growth 55.2% 2.5% 6.4% 36.2%

Operating Profit 23.3% 20.3% 21.2% 20.5% 18.5%

PBT as a % of Revenue 16.9% 12.5% 12.3% 11.3% 8.4%
PAT Margin (BMI) 12.4% 8.9% 9.0% 9.1% 7.1%

Effective Tax Rate 27.0% 29.0% 27.4% 14.3% 14.7%

 96%
2%
98%
2%
100% 100%

29% Sales
6% Less: Direct Exp
3% Gross Profit
1% Less: Overheads
18% EBITDA
1% Less: Dp & A
9% EBIT
24% Less: Int
92% PBT

Less: Tax
PAT
8%

1%

7% Cipla Hol / Parent

1 Sub 100%
2 Sub 75%
3 Sub 51%

-25.00%
1 30% Associate 30% share in profit
2 20%
3 10%
Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------
Mar 21 Mar-20 Mar-19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 161 161 161 161 161
Total Share Capital 161 161 161 161 161
Reserves and Surplus 18,165 15,549 14,794 14,068 12,383
Total Reserves and Surplus 18,165 15,549 14,794 14,068 12,383
Employees Stock Options - 53 57 - -
Total Shareholders Funds 18,327 15,763 15,012 14,229 12,544
Minority Interest 259 294 332 352 438
NON-CURRENT LIABILITIES
Long Term Borrowings 1,203 2,369 3,830 3,662 3,645
Deferred Tax Liabilities [Net] 297 365 425 503 757
Other Long Term Liabilities 359 344 471 143 139
Long Term Provisions 116 133 121 138 141
Total Non-Current Liabilities 1,975 3,212 4,848 4,447 4,681
CURRENT LIABILITIES
Short Term Borrowings 335 447 486 436 467
Trade Payables 2,067 2,282 1,948 2,119 1,571
Other Current Liabilities 1,112 716 601 650 933
Short Term Provisions 1,078 948 737 627 402
Total Current Liabilities 4,592 4,393 3,772 3,832 3,374
Total Capital And Liabilities 25,152 23,663 23,963 22,861 21,037
ASSETS
NON-CURRENT ASSETS
Tangible Assets 7,477 5,252 5,176 5,316 5,010
Intangible Assets - 1,497 1,563 1,819 1,785
Capital Work-In-Progress - 421 331 512 719
Intangible Assets Under Development - 404 345 469 964
Fixed Assets 7,477 7,573 7,415 8,117 8,478
Non-Current Investments 424 455 428 157 136
Deferred Tax Assets [Net] 315 240 201 188 168
Long Term Loans And Advances 53 52 49 42 39
Other Non-Current Assets 667 702 573 729 714
Total Non-Current Assets 11,942 11,956 11,537 12,046 12,232
CURRENT ASSETS
Current Investments 2,286 1,017 2,126 1,102 837
Inventories 4,669 4,378 3,965 4,045 3,485
Trade Receivables 3,446 3,891 4,151 3,102 2,563
Cash And Cash Equivalents 1,401 1,004 619 966 624
Short Term Loans And Advances 3 6 6 20 10
OtherCurrentAssets 1,404 1,411 1,560 1,579 1,285
Total Current Assets 13,210 11,706 12,427 10,814 8,805
Total Assets 25,152 23,663 23,963 22,861 21,037

Net Debt 136 1,813 3,697 3,132 3,488

Current Liabilities Movement 4.5% 16.5% -1.6% 13.6%

Current Assets Movement 12.8% -5.8% 14.9% 22.8%
Fixed Assets Movement -1.3% 2.1% -8.6% -4.3%
Balance Sheet Movement 6.3% -1.3% 4.8% 8.7%

Working Capital 8,618 7,313 8,655 6,982 5,431

WC Turnover Ratio 2.2 2.3 1.9 2.2 2.7
Inventory Turnover Ratio 4.1 3.9 4.1 3.7 4.1
Debtors Turnover Ratio 5.6 4.4 3.9 4.9 5.6
DSO (Days) 66 83 93 75 65
Creditors Turnover Ratio 5.6 4.8 5.3 4.5 5.9
DPO (Days) 65 76 68 80 62
WC Days 1 6 24 -6 3
FA Turnover Ratio 1.6 1.4 1.4 1.2 1.1

Current Ratio 2.9 2.7 3.3 2.8 2.6

Quick Ratio 1.9 1.7 2.2 1.8 1.6
Cash Ratio 0.3 0.2 0.2 0.3 0.2
Debt-Equity Ratio 0.07 0.15 0.26 0.26 0.29
Interest Coverage Ratio 21.5 12.0 13.3 16.3 8.7
Debt Service Coverage Ratio 2.2 0.8 0.5 0.5 0.3

Average Equity 17,045 15,388 14,621 13,386 6,272

Return on Equity (ROE) 14.1% 10.1% 10.3% 10.6% 16.6%
Return on Capital Employed (ROCE) 16.8% 12.3% 11.1% 9.8% 7.8%
Return on Assets (ROA) 9.5% 6.5% 6.3% 6.2% 5.0%

Number of shares 806,235,329 FY 20 765923562550 76,592

Share Price 950
Book Value Per Share Ratio 196 2.00 FV
Dividend Yield Ratio 0.42% FY 20 Rs. 4/ share
EPS 29.78
P/E Ratio 31.90
Price to Book Ratio 4.86

Share Capital - Notes / Schedule

 1%

59% 72% Assets = Equity + Liabilities

1%

17% 5%
1%
1%
0%

1%
8%
4%
4%

100%

30%
0%
0%
0%

2%
1%
0%
3%

9%
19%
14%
6%
0%
6%
CASH FLOW OF CIPLA (in Rs. Cr.) Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths 12 mths 12 mths 12 mths 12 mths
NET PROFIT/LOSS BEFORE - 2,178 2,079 1,669 1,222
EXTRAORDINARY ITEMS AND TAX

Net CashFlow From Operating Activities - 3,068 1,691 1,463 2,382

Net Cash Used In Investing Activities - 104 -1,669 -854 -1,310
Net Cash Used From Financing Activities - -2,949 -349 -385 -1,326
Foreign Exchange Gains / Losses - 10 -19 20 6
Adjustments On Amalgamation Merger Demerger - - - - -
Others
NET INC/DEC IN CASH AND CASH - 234 -345 243 -248
EQUIVALENTS
Cash And Cash Equivalents Begin of Year - 508 853 610 858
Cash And Cash Equivalents End Of Year - 742 508 853 610
 75%
Hol Sub Consol
Assets 100 50 150
Investments 50
Goodwill 20
TOTAL ASSETS 150 50 170
Equity 50 30 50
Reserves 50 10 50
Minority Interest 10
Liabilities 50 10 60
TOTAL EQUITY & LIABILITIES 150 50 170